USD 122.36 Million
Report ID:
SQMIG25A2233 |
Region:
Global |
Published Date: April, 2024
Pages:
223
|Tables:
66
|Figures:
73
Global Specialty Polystyrene Resin Market size was valued at USD 122.36 Million in 2022 and is poised to grow from USD 125.91 Million in 2023 to USD 158.26 Million by 2031, growing at a CAGR of 2.9% in the forecast period (2024-2031).
Increasing demand for packaged and ready-to-cook foods in packaging has increased the demand for specialty polystyrene resins. Some key manufacturers driving the growth of the specialty resin packaging industry in polystyrene are benefiting from increased purchasing power and the rising demand for packaged, hygienic food. Specialty polystyrene resin is used for its physical and mechanical strength in packaging and as multifunctional foam. It is lightweight and made from low-density single-cell polystyrene. It is useful for applications in food service and safe packaging. The global specialty polystyrene resins market is also witnessing significant growth due to significantly increased demand in medical laboratories, pharmaceuticals, medical equipment and products an importance of packaging of drugs due to increasing population.
Global Market Size
USD 122.36 Million
Largest Segment
Healthcare
Fastest Growth
Electrical and Electronics
Growth Rate
2.9% CAGR
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Based on function, the market for specialty polystyrene resin is segmented into protection, insulation, cushioning, and others. Based on the application, the market is segmented into protective packaging, building and construction, automotive, healthcare, electrical and electronics and others. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Analysis by Application
The healthcare segment dominates the market. Paul styrene resins are important in healthcare applications, especially in the manufacture of medical laboratory equipment. These resins have properties such as biocompatibility, clarity and precise molding. The healthcare sector is the most widely used. The demand for specialty polystyrene resins in the healthcare market is growing rapidly due to increasing population and rapid growth in laboratory, medical supplies, vacutainers, trays, medical device parts and essential pharmaceutical packaging.
The electrical and electronics segment is the fastest growing in the market. The electrical and electronics industry relies on special polystyrene resins for materials requiring electrical insulation, thermal resistance, and mechanical stress resistance. These resins are used for electronic components and electrical applications.
Analysis by Function
The protection segment has the largest market share. Protection polystyrene resin is designed to protect products or components from external forces, shock, and damage during transportation, handling, or storage. This function can be found in the impact of various packaging materials protection, including foam insulation, corner doors, and fixtures. Protects fragile or fragile items, electronic devices and valuables from loss, especially during delivery and handling. The industry is expected to continue to dominate as the dominant sector over the forecast period. The dominant storage segment can be attributed to demand in healthcare, electricity, electronics and packaging.
Insulation is the fastest growing segment in the market. Special insulation polystyrene resins are often used in areas where temperature control is critical. Examples include the insulation of buildings and structures and heat-sensitive products like food, pharmaceuticals and medical supplies. These resins help preserve materials and protect against changes in temperature. The insulation segment is expected to grow in the market as well. Due to its excellent resistance to sterilization, special polystyrene resins are preferred over conventional plastics for medical devices besides cost-effectiveness, an estimated increase in the number of projects in manufacturing worldwide will support the growth of the market. Moreover, the increasing use of polystyrene in automobiles and trailers due to its low weight design is expected to drive the demand for specialty polystyrene resins.
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North America is expected to dominate the global market. The specialty polystyrene resin market in North America is an important segment of the regional plastics industry. Because of their versatility and flexibility, special polystyrene resins are used in a variety of applications. This market consists of a variety of applications, functions and services that meet the unique needs of North American businesses and consumers. Furthermore, the industry including products such as specialty polystyrene resins may expand further. Growth in online shopping, the need for effective protective products, the desire for sustainable and environmentally friendly packaging solutions are all other factors that influence the business.
Asia-Pacific region holds the largest share in the global specialty polystyrene resin market. This is due to increased integration and connectivity with APAC countries. Access to cheap labor and cheap raw materials are major forces of FDI. This increases the production of a special polystyrene resin. The Asia-Pacific region is also set to continue the growth trend and is likely to witness the highest CAGR during the forecast period owing to the rapid emergence of new automotive, packaging and pharmaceuticals, among others. industries in developing countries. Also, the increasing use of plastic packaging in developing countries will contribute to the high demand for specialty polystyrene resins.
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Drivers
Growing Packaging Industry
Increasing Use of Styrenic Polymers
Restraints
Regulatory Challenges Amid Rising Environmental Concerns
Environmental Concerns Drive Regulatory Restrictions on EPS Foam Containers
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NEOS Styrolution and Trinseo have expanded their product range and market reach by offering a wide range of specialty polystyrene resins to meet the needs of customers in various industries. The combined business has enabled the two companies to enter new markets, enhance their competitive position and benefit from the growing global demand for specialty polystyrene resins. The major players covered in the specialty polystyrene resin market report are Synthos, BASF SE, Sekisui Kasei Co., Ltd., SUNPOR, Eastman Chemical Company, Alpek S.A.B. de C.V., StyroChem, Polysource, RING Companies, Knauf Insulation., Taita Chemical Co., Ltd., JACKON Insulation GmbH, SABIC, Atlas Roofing Corporation, INEOS Styrolution Group GmbH, Trinseo., Total, Pacur, LLC and DIC CORPORATION among other domestic and global players.
Top Player’s Company Profiles
Recent Developments
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The global specialty polystyrene resin market is undergoing tremendous changes driven by environmental concerns and regulatory frameworks. With increasing awareness of plastic pollution, governments and organizations around the world have imposed bans on certain types of plastics, especially polystyrene. This has led to a ban on single-use plastics, especially expanded polystyrene (EPS) foam products that are commonly used in the food trade. Consequently, the industry faces challenges to adapt to these regulatory changes by replacing traditional polystyrene raw materials.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 122.36 Million |
Market size value in 2031 | USD 158.26 Million |
Growth Rate | 2.9% |
Base year | 2023 |
Forecast period | (2024-2031) |
Forecast Unit (Value) | USD Million |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Specialty Polystyrene Resin Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Specialty Polystyrene Resin Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Specialty Polystyrene Resin Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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Report ID: SQMIG25A2233